Investment Objective: The Fund’s investment objective is to provide common shareholders a high level of current income exempt from regular Federal income taxes consistent with prudent investing.
Variable Rate Demand Notes
Top Ten Municipal Sectors
|Water & Sewer||6.5%|
|Special Tax Obligation||5.1%|
|Pre refunded / Escrowed to Maturity||3.3%|
Credit Quality Allocation**
Average Life (years)
Effective Duration (years)
Average Coupon (%)
Subject to AMT (%)
|(Daily NAV is available on market quotation systems using the symbol XSBIX.)|
Monthly (Declared quarterly, paid monthly)
|*||Portfolio holdings and weightings are historical and are presented here for informational purposes only. They are subject to change at any time.|
Credit quality is a measure of a bond issuer's ability to repay
interest and principal in a timely manner. The credit ratings
shown are based on each portfolio security’s rating as provided by
Standard and Poor’s, Moody’s Investors Service and/or
|***||The difference between total assets and net assets, if any, is due primarily to the Fund’s use of preferred shares; net assets do not include preferred shares. The Fund may employ leverage in the form of preferred stock and/or other instruments. When the Fund engages in transactions that have a leveraging effect on the Fund’s portfolio, the value of the Fund will be more volatile and all other risks will tend to be compounded.|
|****||Percentages based on total assets.|
An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Fixed income securities are subject to credit risk, inflation risk, call risk, and interest rate risks. As interest rates rise, bond prices fall, reducing the value of the Fund's share price.
Data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not engage in selling shares of the Fund.
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